Sauber F1 Team 2015

[Per]

I've been reading more about this drama and just learned that Kaltenborn herself was a corporate lawyer before becoming involved in motorsports.

That was one of the big ironic elements of this whole story...

[Moxie]

Please excuse me for not having the CV of every team principal committed to memory.

[RicME85]

Adam Cooper reports Sauber and vd Garde have reached an agreement. It's not clear at the moment what the agreement is.

Very surprised that GvdG has dropped the case against Sauber.
Just read about it on the BBC Sport page.
He states he is doing it for the good of motorsport and F1 in particular

Dutch driver Giedo van der Garde has dropped his legal action against Sauber, allowing them to race in the season-opening Australian Grand Prix.

A court backed Van der Garde's claim he had a valid contract and Sauber risked having its assets seized and team principal Monisha Kaltenborn arrested.

Van der Garde said he had given up his rights "with respect to the interests of motorsport and F1 in particular".

Sauber will now race this weekend with Marcus Ericsson and Felipe Nasr.

Van der Garde, 29, added in statement that the decision had been "very difficult".

He said: "My management will continue talks with Sauber early next week to find a mutually acceptable solution for the current situation that has now arisen.

"I am confident such a solution will be found and I will inform the media once done."

In farcical scenes on Friday, Van der Garde had appeared in the Sauber garage wearing his race overalls and had a seat made - although the team never had any intention of allowing him to race.

Van der Garde won the initial case and a subsequent appeal, but his lawyers launched a contempt of court action against Sauber, forcing the team to comply with the order.

A Supreme Court judge agreed to adjourn the case on Friday but urged both parties to try and work out a solution.

Van der Garde signed a contract to race for Sauber in 2015 last summer, paying the team a reputed fee of eight million euros (£5.7m).

However, Sauber, who have been in financial trouble for some time, later signed contracts with Nasr and Ericsson, who are between them reputed to be bringing 40m euros (£28.5m) to the team.

Sauber have not yet commented.

I suspect this has come out of talks between the two parties that the court heavily suggested should happen overnight.

I guess the talks have resulted in GvdG getting some financial settlement otherwise why would he drop the case?

[Moose]

My bet would be that he didn't want the bad publicity of causing sauber not to be able to run.

That, and "for the good of F1" indicates to me "Bernie 'suggested' that I to do this"

[zeph]

I guess the talks have resulted in GvdG getting some financial settlement otherwise why would he drop the case?

I doubt it. He was paying to get in, so it is unlikely they would pay him not to drive.

I think it is more likely he doesn't want to ruin other potential seats. If he'd press on, he would never get another shot elsewhere. the F1 community is small.

[SidSidney]

That, and "for the good of F1" indicates to me "Bernie 'suggested' that I to do this"

This.

[SidSidney]

Of course Sauber could always give back the 8 million euros that VdGs backers paid for the seat....except the only cash Sauber can get their hands is the loose change down the back of the sofa

Simple solution which is miles away

It can't just happen. VDG would need to essentially make a claim for it in court (say financial compensation). His not doing this because he is just after the race seat. Sauber, could in court, offer this as a settlement. The trouble is they can't because they don't have the money.

There is one way out, a currency they do control: offer him equity in the team.

[Jonnycraig]

I would wager that 'for the good of F1', he's agreed to give them until Malaysia to work out how to remove Ericsson from a race seat.

[TheRMVR]

There are rumours that Sauber have offered VDG's financial backers a significant amount of shares in the company as ways of compensation. Marcel Boekhoorn, the billionaire father in law of VDG has been eyeing a way into F1 for a while now. Sauber clearly didn't have the money to pay them off so this might be a way to pay them off to some extent. I really hope Kaltenborn will be out by Malaysia and Peter Sauber comes back or finds someone more suitable.

[jericho]

So, they don't have any money to pay him, and instead they pay hm with shares.. How much is the question, when he got enough, he will be in the car next race i think.

[Moxie]

Stock in a firm that is at the brink of bankruptcy is worth very little. Stock in a firm that has filed for bankruptcy is worth nothing. Van Der Garde may take that risk if he thinks that Sauber Motorsports can turn things around, or if he thinks he can unload the stock quickly. Personally, I think that is a terrible gamble.

If the assets of Sauber had been seized, they would have filed for bankruptcy and VDG would have had to fight over the assets with all of the other creditors. In such situations there is never enough cash generated from the sales of assets to pay off all of the debt. It is not ideal but at least the debt owed to VDG has some value.

Right now, aside from cash, the seat is the only item with present value. If VDG takes possession of the seat, Sauber Motorsport may be forced into bankruptcy by the next displaced driver to sue. I just don't see how Sauber Motorsport survives a daisey chain of lawsuits as potentially four drivers fight for two seats. Someone has to come up with cold hard cash. If Peter Sauber wants to keep his enterprise going he may have to dip into his personal bank account. If Peter Sauber doesn't have the cash he may have to hit up Bernie. If Bernie needs to keep Sauber Motorsport in the game, he may have to pitch in. If I were Peter Sauber I'd also lean on Kaltenborn to pony up whatever cash she can to help clean up her mess.

[Manoah2u]

Please excuse me for not having the CV of every team principal committed to memory.

it has been mentioned in this thread repeatedly

[H2H]

The great result of today, the best ever Sauber start into a season, must be a huge relief in this terrible legal standoff.

Somehow a solution will come out of it, I just hope it won't be that worst case mentioned before.

[cirrusflyer]

After todays result of a team, VDG wil have even bigger wish to get into the seat of Sauber.

[Italiano]

Nasr handled the car like a pro, not sure much more was to be had out of it.